{
  "title": "Greece: Staff Report on Request for Stand-By Arrangement",
  "publication": "IMF Staff Country Reports, May 10, 2010",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/greece-staff-report-on-request-for-stand-by-arrangement-23839",
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  "summary": "The Greek economy is teetering owing to heavy public debt and loss of market access. Greece is adopting an ambitious comprehensive multiyear adjustment program to lower the fiscal deficit and the debt ratio, reduce domestic demand in line with capacity, and increase supply and competitiveness so tha",
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    {
      "heading": "Summary",
      "content": "- The Greek economy is teetering owing to heavy public debt and loss of market access.\n- Greece is adopting an ambitious comprehensive multiyear adjustment program to:\n  - lower the fiscal deficit and the debt ratio,\n  - reduce domestic demand in line with capacity,\n  - increase supply and competitiveness so that the economy can step onto a higher growth path led by investments and exports.\n- Greece needs a strong and sustained adjustment program to lower the fiscal deficit substantially and create the basis for a declining debt ratio."
    },
    {
      "heading": "Major findings and analysis",
      "content": "- Heavy public debt and loss of market access are central risks to the Greek economy.\n- A comprehensive multiyear adjustment program is presented as the instrument to restore fiscal sustainability and competitiveness.\n- The program emphasizes simultaneous fiscal consolidation (to lower the fiscal deficit and debt ratio) and structural reforms (to increase supply and competitiveness)."
    },
    {
      "heading": "Policy recommendations and program objectives",
      "content": "- Implement a strong and sustained adjustment program to:\n  - substantially lower the fiscal deficit,\n  - create the basis for a declining debt ratio.\n- Align domestic demand with productive capacity through demand-reducing measures.\n- Foster a higher growth path led by investments and exports by increasing supply and competitiveness.\n\n---\n\n Content in this bundle\n\n- Greece: Staff Report on Request for Stand-By Arrangement;  IMF Country Report 10/110; May 5, 2010.\n  - Greece: Staff Report on Request for Stand-By Arrangement;  IMF Country Report 10/110; May 5, 2010. (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Greece: Staff Report on Request for Stand-By Arrangement;  IMF Country Report 10/110; May 5, 2010. (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Authors: Arrangement The Greek",
    "Published: May 10, 2010",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781455206896.002",
    "The Greek economy is teetering owing to heavy public debt and loss of market access.",
    "Greece is adopting an ambitious comprehensive multiyear adjustment program to:",
    "Greece needs a strong and sustained adjustment program to lower the fiscal deficit substantially and create the basis for a declining debt ratio.",
    "Heavy public debt and loss of market access are central risks to the Greek economy.",
    "A comprehensive multiyear adjustment program is presented as the instrument to restore fiscal sustainability and competitiveness.",
    "The program emphasizes simultaneous fiscal consolidation (to lower the fiscal deficit and debt ratio) and structural reforms (to increase supply and competitiveness).",
    "Implement a strong and sustained adjustment program to:",
    "Align domestic demand with productive capacity through demand-reducing measures.",
    "Foster a higher growth path led by investments and exports by increasing supply and competitiveness.",
    "**Greece: Staff Report on Request for Stand-By Arrangement;  IMF Country Report 10/110; May 5, 2010.**"
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